Finovate Alumni News


  • AI Foundry and Ellie Mae Leverage AI to Accelerate Lending.
  • Dwolla Helps Status Streamline Cash Rewards for Savings.
  • Live from London: Breaking Banks Power Hour Rocks FinovateEurope.

Around the web

  • Marketing Technology Insights interviews BlueRush CEO, Steve Taylor.
  • PaymentsSource features nCino, Jumio, MX, LendKey, Kasasa, Jack Henry & Associates, Alkami, Finicity, and Prosper Marketplace in its list of the Best Fintechs to Work For.
  • Fiserv joins Financial Data Exchange as a sustaining member.
  • Partnership with Mercury FX brings Ripple to the Middle East and Canada.
  • TurnKey Lender highlighted as a top auto loan origination platform by HCCResearch.
  • European CFD/FX firm Windsor Brokers goes live with iSignthisISXPay and Paydentity solutions.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate

  • Pindrop Security Partners with Bank of the West.
  • InComm Acquires Gift Card Impressions.
  • Trustly Brings New Payment Options to Alpha Fintech’s AlphaHub Platform.

Around the world

  • Algomi hires Scott Eaton, former EMEA COO at MarketAxess, as its new CEO.
  • Envestnet | Yodlee launches AI FinCheck. an AI-powered financial wellness assistant for financial service professionals.
  • FICO and Equifax partner to launch FICO Risk and Affordability Decision Suite powered by Equifax to help banks measure repayment risk.
  • Dashlane integrates with new Apple Security API rolling out in iOS 12.
  • WSJ features Coinbase’s move into Japan.
  • LendKey names Lewis Goldman Chief Marketing Officer.
  • VyStar CU leverages technology from Fiserv to power its mobile banking app.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

LendKey Raises $13 Million in Equity and Debt Financing

LendKey Raises $13 Million in Equity and Debt Financing

Lending-as-a-service specialist LendKey raised $13 million in Series C funding this week. The round consisted of both equity and debt financing ($8 million of the former, $5 million of the latter) and was led by Portland, Maine-based North Atlantic Capital. Also participating in the investment were existing investors DFJ, Gotham Ventures, TTV Capital, and Updata Partners.

“Traditional financial institutions are now more than ever adapting to evolving customer needs to remain competitive and better reach millennials,” LendKey CEO and founder Vince Passione said, “LendKey empowers these institutions to compete in today’s lending market by digitizing their loan businesses.” This week’s investment boosts LendKey’s total capital to more than $27 million. Passione said the financing will help the company “meet the strong bank and credit union demand” for its services. LendKey plans to expand its regional office in Cincinnati, Ohio, as well as add talent in account development and sales.

Pictured (left to right): CEO and founder Vince Passione and CPO Strati Papgeorge demonstrating LendKey Marketplace at FinovateSpring 2015.

North Atlantic Capital Managing Director Mark Morrissette praised LendKey’s “impressive industry knowledge and background” and the way its technology solved “a real need for banks and credit unions.” LendKey’s white-label, lending-as-a-service model enables banks, credit unions, and alternative lenders to digitize their lending operations with a solution that manages the entire loan cycle. This includes demand generation, online decisioning, loan origination, and customer service. The company’s solutions help lenders conduct programs in private student loans, student loan refinancing, auto loans, and home improvement loans.

Founded in 2007 and headquartered in New York City, LendKey demonstrated its LendKey Marketplace at FinovateSpring 2015. With clients including Navy FCU, McGraw-Hill FCU, and WSFS Bank, LendKey has deployed more than $1.5 billion in capital to borrowers. This spring, LendKey presented its Student Loan Refinance Report, highlighting borrower trends in lending preferences and loan performance. Also this spring, LendKey earned a finalist spot in the 2017 Best of FinXTech Awards, along with fellow Finovate alums Roostify, Moven, and Green Dot.

Finovate Alumni News


  • Top Five Trends in Customer Engagement Technology.
  • Coder, Broker, Music Producer: Hellenic Bank’s Natasha Kyprianides is Inspired by Constraints.
  • HackerOne Powering Bug Bounty Program for Tor Browser.
  • Truphone Added to List of Carriers for Apple SIM.
  • LendKey Raises $13 Million in Equity and Debt Financing.

Around the web

  • PaySimple and Ping Identity named on list of top ten startups developing in Denver, Colorado
  • Citigroup expands partnership with PayPal to allow card members to use rewards points for purchases at PayPal checkout in the U.S.
  • Darwinex wins spot in South Summit Startup Competition 2017.
  • TD Ameritrade TickerTape blog spotlights social sentiments app, LikeFolio.
  • Dwolla adds multi-user feature to its Access API Dashboard.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Where Are They Now? FinovateSpring Alums Raise More than $326 Million in a Year

Where Are They Now? FinovateSpring Alums Raise More than $326 Million in a Year


Last week we took a look at what the alums of FinovateSpring 2015 have been up to in the year since they demoed on the Finovate stage. Today, we’re focusing on the funding.

All $326 million of it.

Of the 72 companies that demoed at FinovateSpring 2015 in San Jose last year, 21 of them had raised capital within a year. Kabbage’s raise of $135 million certainly stands out. But the $25 million investment picked up by itBit in May of last year, as well as the $15 million raised by Trulioo and the $12 million raised by Moven were also major contributors to a strong fundraising performance from the Class of FinovateSpring 2015. And this doesn’t even include companies such as Yodlee, which was acquired by Envestnet for $660 million, or Aurora Financial Systems, bought by fellow Finovate alum, Finicity, for an undisclosed sum.

March 2016

January 2016

Dec 2015

October 2015

September 2015

August 2015

  • [M&A] Holy Yodlee! Envestnet to Buy Yodlee for $660 Million – video

July 2015

June 2015

May 2015


FinovateSpring 2016 is less than a month away. Pick up your tickets today and save your spot at our upcoming spring conference in San Jose, California.


Finovate Alumni News


  • “Aire Receives Funding from Accion Venture Lab”
  • “ Brings its Air Travel Compensation Service to Business”
  • “Credit Sesame Launches SnapLoan, The Amazon One-Click for Consumer Loans”


  • “Envestnet | Yodlee Unveils its Risk Insight API”

Around the web

  • Global Debt Registry announces plans to bring loan-validation technology to marketplace lending industry.
  • CryptoCoinNews takes a look at recent funding for Stratumn, a blockchain development platform.
  • P2Binvestor teams up with independent adviser, MW Eaglewood Americas.
  • Locavesting profiles StreetShares, which in mid-May will begin lending to small businesses.
  • Crowdfund Insider interviews Cloud Lending CEO Snehal Fulzele.
  • Cachet Financial and Ingo Money renew partnership.
  • Ripple adds former HSBC payments executive and SWIFT board member, Marcus Treacher, as its new global head of strategic accounts.
  • LendKey announces it has underwritten, originated, and deployed more than $1 billion in capital to borrowers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Debuts: LendKey Enhances Lending-as-a-Service for Local Banks & Credit Unions

Finovate Debuts: LendKey Enhances Lending-as-a-Service for Local Banks & Credit Unions


Having positioned itself as a lending-as-a-service provider, LendKey’s online lending platform connects thousands of banks and credit unions with consumers in a single loan marketplace.

Company facts:

  • Used by 310+ lending institutions
  • Raised more than $800 million in funding for loans to 35,000+ borrowers
  • Raised $23.5 million in equity
  • Has 100+ full time employees
  • Headquartered in New York City

Using the LendKey Network, borrowers submit a single credit application that reaches multiple lending institutions, resulting in a single hard-credit inquiry into the borrower’s credit score, thereby saving time. In real time, users receive multiple offers for consumer loans. LendKey makes it easy for them to sort and apply for the offers, without ever leaving the platform.

The LendKey Network currently focuses on:

  • Student loans
  • Auto loans
  • Home-improvement loans

Choosing an offer

Using a student-loan-refinance example, the user enters the amount of their loan, current monthly payment, credit score, ZIP code, and school attended. Using those pieces of information, LendKey lists loan offers from local, community lenders that they may be eligible for.

1) Browse

Lenders show estimated monthly payment, term, and rate, based off the five data points the user furnished. To narrow down the number of offers, the user enters additional information, citizenship status, degree level, graduation date, and income. As additional data is added, the list of offers becomes more customized. This helps consumers get a better understanding of what factors affect their eligibility.

Screen Shot 2015-10-19 at 4.00.47 PM

2) Customize

If the user sees an offer they like, they enter additional personal information. LendKey then performs a soft credit-check, which further customizes the rates offered.

Two aspects make this process unique:

  • Transparent: User sees all loans and rates for which she is eligible in a single place
  • Educational: User sees which personal factors affect the offers extended

3) Compare

After the soft credit-pull, users can narrow down offers by rate, payment amount, loan term, and type of rate (variable or fixed), and determine if they want a co-signer. Once all fields are entered and the user selects an offer they like, they are ready to apply.

Screen Shot 2015-10-19 at 4.01.12 PM

4) Complete

For a seamless experience, the entire loan-application process takes place inside the LendKey site. Here’s the process:

  • Fill out application
  • Review application
  • Answer KDA questions to confirm identity
  • Prove graduation and income
  • Select which loans to refinance
  • Set up ACH payment authorization
  • Esign disclosures

Once these steps are finalized, LendKey pays off the user’s existing loans, and the debtor enters into the repayment phase.

Screen Shot 2015-10-19 at 4.02.55 PM

Banks and credit unions receive a turnkey online lending solution that broadens their portfolio by reaching new borrowers across multiple asset classes. While the bank sets the underwriting rules, LendKey holds the paper on the loan.

Many lenders affiliated with LendKey are new to online lending. LendKey facilitates the lending institutions’ involvement by using in-house expertise to adapt their underwriting for the online audience.

What’s new and next
LendKey expects plenty of future growth in student lending. While the company plans to continue in that space, it recently began offering home improvement and auto loans. It sees lots of room for expansion in all verticals.

In April, LendKey signed Navy Federal Credit Union to power student loan consolidation and private student loan offerings for its members.

Finovate Alumni News


  • Finovate Debuts: LendKey Enhances Lending-as-a-Service for Local Banks & Credit Unions.
  • Xpenditure Raises $5.7 Million in Series A.

Around the web

  • OnDeck again expands its partnership with the Association for Enterprise Opportunity to support access to capital for entrepreneurs and small businesses.
  • Norway’s SpareBank 1 acquires mCash for an undisclosed amount.
  • FIS launches Banking on Demand, targeting Indian banks and FIs.
  • First Hawaiian Bank to deploy digital banking, payments, and PFM solutions from Fiserv.
  • CardFlight and Cayan team up to provide EMV-ready mPOS solutions.
  • Deere Employees Credit Union hires Insuritas to open and manage its turnkey insurance agency.
  • Banking Technology features multiple Finovate and FinDEVr alums Readers Choice Awards.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News


  • Actiance Picks Up $28 Million from New and Existing Investors
  • LendKey Adds $8 Million in Venture Debt; Reaches $800 Million in Loans

Around the Web

  • SimplyTapp and Top Image Systems team up to bring HCE mobile payment technology to FIs in the Asia Pacific region.
  • Braintree integrates Android Pay into its SDK to ease merchant adoption.
  • Global Debt Registry unveils new API service to speed access to consumer-debt data and documents.
  • Avoka and NAMU earn “most innovative customer engagement” and “best customer experience” honors respectively at Citi Mobile Challenge.
  • Bible Money Matters reviews the new Betterment RetireGuide.
  • Placecast introduces its mobile data-management platform (DMP) as a stand-alone solution.
  • Nomis Solutions joins Center for Pricing and Revenue Management at Columbia University.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

LendKey Adds $8 Million in Venture Debt; Reaches $800 Million in Loans

LendKey Adds $8 Million in Venture Debt; Reaches $800 Million in Loans


You know you’re having a pretty nice year when the $8 million in debt financing you just raised is the third or fourth item in your list of announcements.

LendKey announced a number of major milestones this week. In addition to securing an $8 million venture debt line from Silicon Valley Bank, the lending-as-a-service innovator reached $800 million in loans deployed to more than 35,000 borrowers, and won a commitment of $125 million from its own lending network of more than 300 credit unions and banks.

Vince Passione, founder and CEO of LendKey, pointed to the way his company serves as the bridge between traditional lenders and the opportunities in online ending. “With our technology, community financial institutions can succeed in the $3.2 trillion consumer-lending market, offering increased choice, transparency, lower rates, and a seamless digital experience,” Passione said.


LendKey CEO and Founder Vince Passione and Chief Product Officer Strati Papageorge demoed LendKey Marketplace at FinovateSpring 2015 in San Jose.

In addition to more capital, LendKey announced new talent additions, as well. Bringing experience from companies ranging from Capital One to are:

  • Strati Papageorge, Chief Product Officer
  • Mike Stallmeyer, SVP Finance
  • Anil Nair, SVP Engineering
  • Jason Hills, SVP Sales
  • Aswin Rajappa, SVP Marketing
  • Jeff Silverman, SVP Institutional Business Development
  • Anne Sharkey, SVP Loan Operations

LendKey’s technology helps connect community banks and credit unions to millions of online borrowers. Loan-types include student, auto, and home improvement loans; consumers can use LendKey to search for, compare, and apply for loans on the platform. Board member and DFJ partner, Josh Stein said LendKey gave banks, financial institutions, and credit unions “new capabilities” when it comes to better serving their customers.

Founded in October 2007 and based in New York City, LendKey made its Finovate debut last month at FinovateSpring 2015 in San Jose.

LendKey’s MarketPlace Creates Low-cost Lending Options

LendKey’s MarketPlace Creates Low-cost Lending Options

This post is part of our live coverage of FinovateSpring 2015.

LendKey debuted its MarketPlace that creates and manages online lending programs for banks:

Leveraging LendKey’s experience in building real-time loan-origination systems, the LendKey MarketPlace will empower consumers to browse, customize, compare and complete the entire loan-shopping process via a single interface. This represents a dramatic step forward from current consumer-loan marketplaces which collect consumer information, and may provide some pricing information, but eventually transfer the borrower elsewhere to complete and submit the loan.

Presentrts: Vince Passione, CEO and founder, and Strati Papageorge, chief product officer



Product Launch: June 2015

Metrics: LendKey’s online lending platform is used by over 300 credit unions and banks and has raised more than $750M in funding for loans to more than 35,000 borrowers. Our success to-date is due in great part to some key partnerships, including CUNA Strategic Services and Western Independent Bankers (as an endorsed service provider); numerous state credit-union leagues and bank associations, and consumer financial service providers like Intuit ( and Credit Karma. LendKey raised $23.5M in equity from backers, including Draper Fisher Jurvetson, Updata Partners, and DFJ Gotham Ventures. We have more than 100 full time employees split between our New York City headquarters and an office in Cincinnati, Ohio.
Product distribution strategy: Direct to Consumer (B2C); Direct to Business (B2B)

HQ: New York City, New York
Founded: October 2007
Twitter: @LendKey

Finovate Alumni News


Around the web

  • Wallaby Financial partners with NXT-ID to bring Wocket Smart Wallet to Wallaby customers.
  • Asseco SEE teams up with UniCredit CEE to launch its fully native new generation tablet banking solution in six Eastern European countries.
  • Nomis Solutions taps Michael DeGusta as vice president and chief architect.
  • Service Credit Union offers mobile banking services with Touch ID, courtesy of pilot program run by Digital Insight.
  • Financeit partners with eOriginal Inc., bringing eSignature technology to Financeit customers.
  • Studio Movie Grill launches digital gift cards powered by CashStar.
  • Banking Exchange column on real-time payments in the U.S. features FIS, Dwolla, and Ripple.
  • Zopa to help provide financing for Uber drivers looking to buy their cars, rather than rent them.
  • American Banker features LendKey. Check them out at FinovateSpring next week in San Jose.
  • American Banker reports that partnerships fuel Lending Club’s unexpectedly fast growth.
  • BizEquity launches new ‘Adviser Office’ service.
  • Pepperi partners with Xero to extend cloud accounting with mobile sales automation.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.